Forget Redlining. Branchless Banks Are Now 'Weblining' Our Communities
American Banker
Monday, December 11, 2023
"Redlining has been around forever, and was even condoned by the government when the Home Owners Loan Corporation published maps circling 'hazardous' neighborhoods that banks should avoid.
Weblining is modern-day redlining by credit card, fintech, internet and other branchless banks paying high rates on the World Wide Web to vacuum up deposits without any required reinvestment."